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2024

2023

  • Daiwa’s Economic View

    Daiwa’s Economic View

    1 November 2024 461 KB PDF
    • Ueda’s Oct press conference: No longer using “enough time” phrase
  • Daiwa's Economic View

    Daiwa's Economic View

    31 October 2024 554 KB PDF
    • BoJ carefully charting its own path amid Japan’s political confusion
  • Daiwa's Economic View

    Daiwa's Economic View

    28 October 2024 561 KB PDF
    • What’s next for Japan? How will BoJ respond?
  • Daiwa's View

    Daiwa's View

    25 October 2024 603 KB PDF
    • Impact of Lower House election on JGB market
  • Daiwa's Economic View - BoJ's outlook

    Daiwa's Economic View - BoJ's outlook

    17 October 2024 591 KB PDF
    • Changes over past three months; start of US interest rate cuts not leading to further yen appreciation; Japan’s economy saw weak production and consumption in Jul-Sep, but moderate growth is likely to continue 
    • Growth rate forecast likely unchanged overall in BoJ Oct Outlook Report; Outlook for underlying inflation to remain around 2%, but upside and downside risks
    • BOJ board members differ on timeline for normalizing policy; Time to monitor conditions with BoJ’s Oct meeting after Japan election, before US election
  • Politics Watch

    Politics Watch

    3 October 2024 386 KB PDF
    • Ishiba’s appointment as new prime minister could raise approval ratings for administration
  • Daiwa's View - BoJ becoming aware of both upside & downside risks

    Daiwa's View - BoJ becoming aware of both upside & downside risks

    2 October 2024 319 KB PDF
    • One reason behind July rate hike was “risk management approach”
    • As Japan (BOJ) has seriously monitored only downside risks for past 25 years, we have impression that market slow to follow BOJ’s recent change to also monitoring upside risks
    • Increased political uncertainty (US presidential election, LDP presidential race) to reinforce need for risk management; does not necessarily mean setback for BOJ rate hikes
  • Economic Commentary - BoJ Summary of Opinions and Tankan survey

    Economic Commentary - BoJ Summary of Opinions and Tankan survey

    2 October 2024 522 KB PDF
    • Birth of Ishiba administration, snap election set for 27 Oct
    • Likely to follow policy framework direction laid out by Kishida administration 
    • Expectations for better communication based on Sep “Summary of Opinions”
    • Sep Tankan survey confirms no major changes for corporate activity